Bryan Anderson of Hoover has been sentenced to seven years and three months in prison on charges of wire fraud, money laundering and securities fraud.

Prosecutors say 41-year-old Anderson solicited victims to invest in stock options that weren’t registered securities. Authorities say he also solicited victims to invest in a company he owned and promised victims that their investments would be repaid by income from leased property that he didn’t actually own.

Officials say victims were repaid with money from new investors and Anderson used some of the money to pay his personal expenses.

Prosecutors say nearly 20 people gave Anderson about $8.4 million and victims lost about $3.1 million the scheme.